The net sales for the quarter were a 40% jump year over year.

Operating income in the final period totalled $192 million compared to $147 million, a 30% period-over-period jump.

Net income was also significantly on the rise, coming in at $118 million over fiscal 2007’s fourth-quarter result of $70 million.

Joy said orders were positively impacted by continued new and aftermarket parts and services needs. However, that rise was offset by the unfavourable impact of a stronger US dollar on backlog foreign orders carried into the last quarter.

The $1.4 billion value of Joy’s new orders during the final fiscal quarter was a 48% leap over orders received during the same time last year. Surface sales at its P&H division alone were 23% higher at $683 million.

On the underground side, Joy Mining Machinery sales increased 12%, to $464 million, and original equipment manufacturer (OEM) bookings increased 13%, while aftermarket orders were up 12% versus last year’s fourth period.

“Order rates continued to be strong, indicating our customers' commitment to the fundamentals for the mining industry," said Joy Global president Mike Sutherlin.

He said the company did well at translating orders into record revenues and at very high margins.

“More importantly, we made substantial progress on working capital, with a reduction in absolute amount from the year-ago period and even greater progress when measured in days of working capital,” Sutherlin said.

“As a result, we finished 2008 as a stronger, more focused company, and one which is much better prepared to handle the volatility and uncertainty for the year ahead."

Looking forward, Joy noted the “evolving economic crisis” with reduced commodity demand, lower prices and limited company cash flows.

“Spot prices for most commodities are down in the range of 30 to 60 per cent from their peaks earlier this year,” Sutherlin said.

Increasing stockpile levels compound the issue, he added, as no forecasts exist showing a short-term economic recovery.

“As a result of this outlook, the company expects its customers to become more selective about their next new mine expansion projects. Although the numbers may slow, the company expects projects to continue to be approved,” Sutherlin said.

While Joy noted it has seen some cancellations of orders due to changing circumstances, it is also seeing successful sales to other customers and other projects are making progress towards orders for needed equipment.

“Customer actions to keep supply and demand in balance have been taken quickly and the company expects this to be the case going forward. Actions in the ranges taken to date are expected to stabilise mine production near current levels,” Sutherlin said.

He said despite the backlogs suffered recently, Joy had the benefit of new capacity that was brought online this year. As a result, the company is looking towards “solid revenue performance” in the coming year.